Terminated Bitcoin Node Connection: BlueWallet Urges Users To Withdraw Funds
The world of cryptocurrency is ever-evolving, with the regular release of new technologies, protocols, and applications. BlueWallet, a mobile wallet explicitly designed to make bitcoin transactions more accessible and secure, is one of the most exciting applications to come to the scene in recent years.
Unfortunately, BlueWallet recently announced that it would shut down its connection to the Lightning Network Daemon (LndHub) on March 1, 2021. This decision will significantly impact wallet users.
Hence, it is crucial for those who use BlueWallet to take the necessary steps to ensure their funds are safe and secure.
BlueWallet Cuts Ties With Lndhub
A recent report from BlueWallet has stated that the firm is discontinuing its link to Lndhub. This means that users of the Bitcoin Lightning Network will no longer be able to access BlueWallet’s custodial lighting services and must connect to nodes to continue using BlueWallet’s lightning features.
Calle, a lightning developer who posted about the alteration, commented, “the most crucial point is that people do not become alarmed and that inexperienced users do not suddenly move their funds on the blockchain or have misinformed lightning balances.”
Revolutionizing Bitcoin Transactions
The Lightning Network is a second-tier payment system built on Bitcoin’s foundation. It allows users to transfer tiny amounts of Bitcoin, known as “satoshis” or “SATs,” through its lightning wallet.
BlueWallet is one of the most famous lightning wallets, with more than 42 BTC ($1 million) of liquidity and its biggest channel having a capacity of 4 BTC ($95,000), according to information from Amboss. Prominent Bitcoiners often suggest BlueWallet as a viable option for utilizing the Lightning Network.
Calle further reiterated that it is essential to understand that LndHub serves as a platform that connects wallets to accounts. To illustrate, BlueWallet stands as the wallet in this occurrence, yet, other wallets can also link to LndHub, like Zeus or Alby.
At the same time, the account is ceasing its operation and not LndHub or Bluewallet, as the BlueWallet group wants to avoid going on with this. Creating new or replenishing existing Lightning wallets on the LndHub node is no longer feasible.
BlueWallet has advised that users with funds connected to BlueWallet’s Lightning node should transfer them as soon as possible. Nevertheless, users will still be able to withdraw their SATs.
BlueWallet users must transfer their SATs to another service or wallet before the April 30 termination deadline. Regular Bitcoin wallets, however, will not be affected by this closure.
As cryptocurrency evolves, users must stay informed and take the necessary precautions to protect their funds.
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